The quick service hamburger company's $872 million of triple-B, 4.2-year notes pay swaps plus 185 basis points, yielding 3.38%.
The weighted average age of the aircraft, 6.2 years, makes the pool relatively older than recent Fitch-rated transactions. A small portion of the portfolio (8.7%) is aged over 15 years, and will likely be sold at the end of the current leases.
The company is issuing $875 million of notes that will be used, along with additional equity, to retire $960 million of outstanding notes.
Three of the four deals, from Honda, Ally Financial and GM, were upsized. Total issuance for the year to date now stands at $44 billion, according to Standard & Poor's.
The $500 million OneMain Financial Issuance Trust 2015-2 will issue will issue four tranches of notes maturing in July 2025 with preliminary ratings from Standard & Poors.
A two-year extension to the deadline for banks to conform CLO holdings to the Volcker Rule doesn't apply to all, the Federal Reserve says.
Despite regulatory hurdles, participants see nothing in the way of issuance reaching $60 billion to $70 billion this year.
Finke says the industry needs to address the lack of understanding about its performance and role in the economy.
Two academics argue that aggreggating standardized assets is key to solar securitization, which can meaningfully reduce funding costs for developers.
Despite pressure from Capitol Hill, regulators are disinclined to allow banks to hold collateralized loan obligations backed by bonds.
Firm: 3i Debt Management
It's one of the biggest regulatory hurdles the market has faced since the financial crisis, and promises to bring wholesale changes to the structures of transactions as well as to the business models of managers. Clifford Chance partner Steven Kolyer weighs in.Current Issue